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Last Updated On 24-Aug-2023
Debt and Lending Agreement

Legal Advice - I used to pay Chit funds

I used to pay Chit funds to local unorganised party in my village.I had paid somuch of money and taken 5 lakhs from them as a chitfund amount.After that ,due to financial problem,i didnot pay an amount of 2 lakhs.They had collected me cheque without name and promisary note empty with signature.But later chits organiser made cheque and promisary note into other person and he bouncved my cheque .Now he sent legal notice to me to attend infront of court.But actually given cheque and note to one person,but they sent legal notice on behalf of other person.Is it correct? What should i do?

( Krishna, Andhra Pradesh )

23-Aug-2023

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Dear Client,
If you availed the loan from Chit Fund by signing all the documents blank including a blank cheque or promissory note, then the said documents can be misused against you by the persons operating chit fund and with whom the documents were lying against your loan. If so happens, then on receipt of legal notice, reach out to an Advocate for proper guidance and steps to be taken against the chit-fund company under IPC 406 and 420 for criminal breach of trust and cheating.
Posted On 24-Aug-2023
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Dear Client,
If the promissory note and cheque were altered or transferred to another person without your consent, this might be a case of fraud or misrepresentation.
Regardless of the issues with the cheque and promissory note, if you had a legitimate contractual obligation to repay the chit fund amount and did not do so, there might still be a legal basis for the creditor to seek recovery.
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Posted On 24-Aug-2023
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